Home, Mortgage and Personal Finance News Archive

• Home Price Slump Just Over Half Done
  Reuters (June 13, 2008)
  The two-year U.S. home price slump is just over halfway done with little relief in sight as the market needs to work through a stockpile of unsold houses that is climbing as foreclosures jump.
• FHA Lifts Waiting Period, Extends Insurance Coverage
  CNBC (June 13, 2008)
  The U.S. Federal Housing Administration is temporarily lifting its required 90-day waiting period to help stabilize neighborhoods flooded with foreclosed properties, the Bush administration announced Friday. In addition, for a period of one year, the FHA will insure foreclosed properties marketed and sold by property disposition firms on behalf of lenders.
• 73,000 Homes Lost to Foreclosure in May
  CNN Money (June 13, 2008)
  Filings for the month of May jumped by 48%. Nevada, California, and Florida continue to bear the brunt of the crisis.
• The Trouble with Florida Real Estate: Foreclosure Backlog
  The Wall Street Journal (June 13, 2008)
  After California, Florida has the second highest number of foreclosure filings, according to data released Friday by RealtyTrac, a foreclosure listing company. But there's a potentially disturbing difference between the nation's foreclosure epicenters.
• Navigating the Risks of Peer-to-Peer Lending
  Yahoo Finance (June 13, 2008)
  Peer-to-peer lending websites can be a boon to borrowers and lenders alike, but ignore the pitfalls at your peril.
• Foreclosure Filings Soar 48 Percent
  AOL Money & Finance (June 13, 2008)
  The number of U.S. homeowners swept up in the housing crisis rose further last month, with foreclosure filings up nearly 50% compared with a year earlier, a foreclosure listing company said Friday.
• Housing: It'll Get Worse
  CNN Money (June 12, 2008)
  Hard hit cities like Sacramento, Phoenix and Las Vegas are set for more steep losses. Some real experts are bracing for price drops of as much as 50 percent.
• Mortgage Rates at 8-Month High
  CNN Money (June 12, 2008)
  Freddie Mac says 30-year fixed rates rise to 6.32% as Federal Reserve officials express concern over inflation.
• Glimmer of Hope on Foreclosures
  The San Jose Mercury News (June 12, 2008)
  California remains mired in a foreclosure crisis, but a report released Wednesday contained a tiny, potential spark of hope: Lenders sent fewer pre-foreclosure notices to homeowners behind on their mortgages in May than they did in April.
• Has the American Dream Become a Fairy Tale?
  Yahoo Finance (June 12, 2008)
  The wicked witch has nothing over crooked mortgage brokers, greedy investment bankers, and overpaid hedge fund managers.
• America's Money: Debt Crush
  CNN Money (June 12, 2008)
  Americans deep in debt are struggling more than ever amid the credit crisis and economic downturn. See how people got in the hole and what they're doing to get out.
• Some Buy a New Home to Bail on the Old
  The Wall Street Journal (June 11, 2008)
  In markets hit hardest by falling home prices and rising foreclosures, lenders and brokers are discovering a new phenomenon: the "buy and bail," in which borrowers with good credit buy a new home -- often at a much lower price -- then bail out of the "upside down" mortgage on their first home.
• Credit Card Co.'s Taking Advantage Of Hard Times
  CBS4.com (June 11, 2008)
  Americans have racked up more than $975 billion in credit card debt; a record high and 8% higher than this time last year. If you're one of the many using your credit cards to get through tough economic times, be warned. Some credit card companies are taking advantage of their financially strapped customers.
• States Move To Cut, Cap Property Taxes
  The Wall Street Journal (June 11, 2008)
  Even as foreclosures and dwindling home sales shrink local tax bases, a number of state governments are slashing or capping property-tax rates. But many of these property-tax initiatives, while politically popular, mask a hidden truth: They are likely to lead to increases in other kinds of taxes.
• Mortgage Burgeoning With New Twists
  The San Francisco Chronicle (June 11, 2008)
  Good news. There are no new mortgage frauds. But the bad news is that the old schemes are becoming more intricate, and the criminals who work them are more active then ever.
• First-Time Homebuyer Guide
  Investopedia (June 11, 2008)
  Discover what you need to consider before you buy a house, what you can expect from the buying process itself, and some handy tips to make life easier after you purchase your first home.
• More Financial Land Mines Ahead
  CNN Money (June 10, 2008)
  The worst of subprime mortgage crisis may now be out in the open. But more problems are lurking in prime mortgages, credit cards and auto loans.
• FHA Chief Balks at Taking on More Bad Loans
  CNN Money (June 10, 2008)
  Federal Housing Administration Commissioner Brian Montgomery said a plan for his agency to take on two million at-risk loans could make the housing crisis worse.
• Freeze! How to Combat ID Theft
  ABC News (June 10, 2008)
  According to the FTC, almost a quarter of identity theft victims do not learn about the misuse of their personal information until at least six months after it has occurred. A credit freeze may be your best defense.
• How HUD Mortgage Policy Fed The Crisis
  The Washington Post (June 10, 2008)
  HUD supported an outdated policy that allowed Freddie Mac and Fannie Mae to count billions of dollars they invested in subprime loans as a public good that would foster affordable housing. Housing experts and some congressional leaders now view those decisions as mistakes that contributed to an escalation of the subprime lending problems now rocking the U.S economy.
• FHA Officials Seek to Ban Seller-Assisted Payments
  The Wall Street Journal (June 10, 2008)
  Under the seller-funding practice, a third party -- typically a charity -- provides the down payment for a buyer and is then reimbursed by the home seller, often a home builder. Federal housing officials are trying to ban seller-assisted down payments on federally insured mortgages, amid concerns about mounting losses tied to these loans.
• Foreclosures Become Forgotten Burdens in Neighborhoods
  USA Today (June 10, 2008)
  Fallout from the foreclosure crisis is forcing neighbors and local officials to research who is legally responsible for maintaining the upkeep and curb appeal of vacant homes.
• Bargain Hunters Push Up April Home Sales
  ABC News (June 9, 2008)
  Pending home sales unexpectedly increased in April to the highest reading since October, an industry group said Monday, but they remain more than 13 percent below a year ago.
• Are You Carrying the Right Rewards Cards?
  AOL Money & Finance (June 9, 2008)
  Consumer Reports names the best cash-back and gasoline rewards cards and shares seven ways to reap the most credit card rewards.
• Making the Cut: Five Signs That It Is Time to Trim the Asking Price on Your House
  MarketWatch (June 8, 2008)
  Sluggish housing markets are filled with listings that are lingering on the market, prompting many home sellers to ponder a price cut. So how can you tell if your home is overpriced? Look for these signs.
• The Trick to Getting a Mortgage Fixed
  CNN Money (June 7, 2008)
  Foreclosure prevention is a messy business -- more art than science. Here is an inside look at why some people get a mortgage loan reworked while others don't.

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